Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01falseTake-away food shop1818falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC701095 2022-08-01 2023-07-31 SC701095 2021-06-09 2022-07-31 SC701095 2023-07-31 SC701095 2022-07-31 SC701095 c:Director1 2022-08-01 2023-07-31 SC701095 c:Director2 2022-08-01 2023-07-31 SC701095 c:Director3 2022-08-01 2023-07-31 SC701095 c:Director4 2022-08-01 2023-07-31 SC701095 c:RegisteredOffice 2022-08-01 2023-07-31 SC701095 d:FurnitureFittings 2022-08-01 2023-07-31 SC701095 d:FurnitureFittings 2023-07-31 SC701095 d:FurnitureFittings 2022-07-31 SC701095 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC701095 d:OfficeEquipment 2022-08-01 2023-07-31 SC701095 d:OfficeEquipment 2023-07-31 SC701095 d:OfficeEquipment 2022-07-31 SC701095 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC701095 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 SC701095 d:CurrentFinancialInstruments 2023-07-31 SC701095 d:CurrentFinancialInstruments 2022-07-31 SC701095 d:Non-currentFinancialInstruments 2023-07-31 SC701095 d:Non-currentFinancialInstruments 2022-07-31 SC701095 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 SC701095 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 SC701095 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 SC701095 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 SC701095 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 SC701095 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 SC701095 d:ShareCapital 2023-07-31 SC701095 d:ShareCapital 2022-07-31 SC701095 d:RetainedEarningsAccumulatedLosses 2023-07-31 SC701095 d:RetainedEarningsAccumulatedLosses 2022-07-31 SC701095 c:OrdinaryShareClass1 2022-08-01 2023-07-31 SC701095 c:OrdinaryShareClass1 2023-07-31 SC701095 c:OrdinaryShareClass1 2022-07-31 SC701095 c:FRS102 2022-08-01 2023-07-31 SC701095 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 SC701095 c:FullAccounts 2022-08-01 2023-07-31 SC701095 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC701095










5 LOON'S (COVE) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

 
5 LOON'S (COVE) LTD
 

COMPANY INFORMATION


DIRECTORS
Graham Buchan 
Sacha Giraud 
Daniel Gowans 
Rikki Pirie 




REGISTERED NUMBER
SC701095



REGISTERED OFFICE
81 Charleston Road North
Cove

Aberdeen

AB12 3SZ




ACCOUNTANTS
EQ Accountants LLP
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
5 LOON'S (COVE) LTD
REGISTERED NUMBER: SC701095

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
£
£

FIXED ASSETS
  

Tangible assets
 4 
48,974
65,181

  
48,974
65,181

CURRENT ASSETS
  

Stocks
  
4,850
4,850

Debtors: amounts falling due within one year
 5 
225
66,034

Cash at bank and in hand
  
37,066
46,656

  
42,141
117,540

Creditors: amounts falling due within one year
 6 
(146,693)
(241,656)

NET CURRENT LIABILITIES
  
 
 
(104,552)
 
 
(124,116)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(55,578)
(58,935)

Creditors: amounts falling due after more than one year
 7 
(28,567)
(35,414)

  

NET LIABILITIES
  
(84,145)
(94,349)


CAPITAL AND RESERVES
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(84,245)
(94,449)

  
(84,145)
(94,349)


Page 1

 
5 LOON'S (COVE) LTD
REGISTERED NUMBER: SC701095

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2023.




Daniel Gowans
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
5 LOON'S (COVE) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


GENERAL INFORMATION

5 Loon's (Cove) Limited is a private company, limited by shares, incorporated in Scotland, Registration number SC701095.
The financial statements are presented in Sterling which is the functional currency of the Company and
rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The company has net liabilities and is dependant on continued support of the directors. The directors have confirmed that they will continue to support the company for the foreseeable future.

 
2.3

TURNOVER

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
5 LOON'S (COVE) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows:.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
10%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 18 (2022 - 18).

Page 4

 
5 LOON'S (COVE) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


TANGIBLE FIXED ASSETS





Fixtures and fittings
Office equipment
Total

£
£
£



COST OR VALUATION


At 1 August 2022
86,049
717
86,766



At 31 July 2023

86,049
717
86,766



DEPRECIATION


At 1 August 2022
21,513
72
21,585


Charge for the year on owned assets
16,135
72
16,207



At 31 July 2023

37,648
144
37,792



NET BOOK VALUE



At 31 July 2023
48,401
573
48,974



At 31 July 2022
64,536
645
65,181


5.


DEBTORS

2023
2022
£
£


Trade debtors
-
655

Other debtors
-
64,869

Prepayments and accrued income
225
510

225
66,034



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
11,342
10,657

Trade creditors
22,407
123,158

Amounts owed to group undertakings
55,613
55,613

Other taxation and social security
22,082
17,228

Other creditors
32,499
32,400

Accruals and deferred income
2,750
2,600

146,693
241,656


Page 5

 
5 LOON'S (COVE) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
28,567
35,414

28,567
35,414



8.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
11,342
10,657


11,342
10,657

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
28,567
35,414


28,567
35,414



39,909
46,071


Page 6

 
5 LOON'S (COVE) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100 (2022 - 100) 100 Ordinary shares of £1.00 each shares of £1.00 each
100
100



Page 7